Olivant, one of the two main suitors for Northern Rock, has said it will pull out of the auction for the stricken mortgage lender unless the bank's board agrees to recommend a bidder by Christmas, The Independent reports.
In a letter to Northern Rock's board, Olivant demanded that the company sould decide between its proposal and the rival interest from Sir Richard Branson's Virgin Money consortium in the next 11 days. Olivant also said it would quit the race if it did not get equal access to the banks lined up to fund whatever solution is found to Northern Rock's crisis. The ultimatum from Olivant, headed by former Abbey National boss Luqman Arnold, came after Northern Rock indicated it would wait until mid-January to decide between bids. Mr Arnold has said he is ready to run the bank immediately, and t...
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